we have had problems with the u.s. soybean crop because of the drought. brazil still looks good, but drought in argentina has a lot of analysts looking at those numbers. the one exception here is cotton. cotton, in terms of stocks, has increased dramatically over the last couple of years. what that is being driven by, largely, is china. china, because of policies to support producers, have been acquiring a lot of grain. excuse me -- a lot of cotton. you can see that cotton stocks have been increased substantially in china. they currently account for over 50% of total world inventories. on a commodity basis, stocks as percent of use in china is some 120%. a lot of analysts wonder how sustainable that is. china is a large importer of cotton for its textile mills. certainly, with this sort of stock level overhanging the market, i think this will lead to some uncertainty in the cotton market, as we move forward into this year. let us turn to planning -- plantings. obviously, we are expecting to continue strong plantings, certainly for grains and oil seeds. so